Nx Filtration N.v. · EURONEXT:NXFIL
Nx Filtration — Investor Day (April 2025)
66 slides from Nx Filtration's investor day presentation, Apr 8, 2025
Slide 1: Capital Markets Day
Capital Markets Day 8 April 2025 1
Slide 2: Our presenting team
Our presenting team Floris Jan Cuypers | CEO Jan Feie Zwiers | CFO Michiel Staatsen | COO Erik Roesink | Founder Alejandro Roman | CCO 2
Slide 3: Our agenda for today covers 4 key topics
Our agenda for today covers 4 key topics Time (CET) Topic Presenters 13:00 Welcome 13:15 1 Introduction: progress since IPO, set-up for the Floris Jan Cuypers | CEO growth journey ahead of us 13:45 2 Markets and applications: clear market needs Erik Roesink | Founder and improved prospects Michiel S
Slide 4: Introduction
1 Introduction 2 Markets and applications 3 Commercial strategy 4 Financials and outlook 4
Slide 5: The world is confronted with three key water challenges
The world is confronted with three key water challenges: water scarcity, water pollution, and aging assets Drivers of water transition Climate Alternatives change is sources are Aging assets exhausting often require traditional polluted and future-proof groundwater not readily expansion sources avai
Slide 6: NX Filtration addresses these challenges with its unique hollow fiber membrane technology
NX Filtration addresses these challenges with its unique hollow fiber membrane technology… NX Filtration’s hollow fiber membrane technology NX Filtration’s Cross-section of a module Cross-section of one Layer-by-layer membrane modules in containing thousands of hollow-fiber membrane nanocoating on t
Slide 7: Delivered for nanofiltration, ultrafiltration and microfiltration applications
…that we deliver for nanofiltration, ultrafiltration and microfiltration applications Hollow Fiber Nanofiltration (HFNF) Ultrafiltration (UF) Microfiltration (MF) Unique breakthrough technology Excellent virus and bacteria Ideally suited for the clarification as ultimate solution for retention, part
Slide 8: Since our IPO in 2021, we have made significant progress on our strategic priorities
Since our IPO in 2021, we have made significant progress on our strategic priorities 2013 - 2016 2016 - 2018 2018 - 2021 2021 (IPO) - today On the commercial side, we have Grew our base of pipeline of OEMs from 74 in 2022 to 1 established a global presence and 160 in 2024, with >50% of benefit from
Slide 9: On the commercial side, we have established a global presence and strong OEM relationships
1 On the commercial side, we have established a global presence and benefit from strong and growing OEM relationships Established global footprint of sales and Global application engineers, organized in 5 footprint clusters: EMEA, Americas, India, China and Rest of Asia 48 High- Established high-pro
Slide 10: On the production side, we have entered our new large high-tech factory
2 On the production side, we have recently entered our new large high-tech factory From maximum 10k membrane modules per year in old facilities, to 60k1) initial Scale-up membrane capacity in our new factory, with room to expand to >120k 60,000 Efficiencies from increased scale, further automation,
Slide 11: Innovation roadmap – technology strongly protected and unparalleled
3 We are further progressing on our innovation roadmap – our technology remains strongly protected and unparalleled in the market Full-scale HFNF plants running for >4 Proven years, demonstrating consistent strong technology filtration performance and providing clear cost and sustainability benefits
Slide 12: Sustainability remains strongly embedded in our DNA
4 Since our Green IPO, sustainability remains strongly embedded in our DNA and we have made great progress on our ESG processes and impact In 2024, our membrane sales could enable Impact the production of 457 billion liter of clean focus water, saving 4,300 ton CO2e during their lifetime deployment
Slide 13: Corporate strategy and longer-term outlook remain unchanged
As we progressed significantly since our IPO, our corporate strategy and longer-term outlook remain unchanged View at time of IPO View today Large and fast-growing addressable market Further improved market trends driving the (~$5bn, growing to ~$15bn in 2030), accessible water transition, albeit so
Slide 14: In 2024 we put in place further building blocks for growth
In 2024 we put in place further building blocks, setting us up for the growth journey ahead of us… Today Fully set-up for growth journey ahead of us, and further derisked our business case Key elements during 2024 Headwinds from ✓ New factory ✓ Further ✓ Strong team ✓ Capital raise global industri
Slide 15: Priorities we set for 2025
…and providing a solid basis for the priorities we set for 2025 Commercial focus Cost consciousness 2025 outlook Full focus on further developing OEM relationships Realizing progress on our and converting project Realizing revenue journey towards break- opportunities in orders growth of 50-70% even
Slide 16: Selected highlights Q1 2025
We have started 2025 with great traction – selected highlights Q1 2025 Nijhuis Saur Industries launches modular mobile nanofiltration (MONF) unit based on NX Filtration’s HFNF membrane modules Successfully completed transfer of all former operations to our new factory, enabling further efficiencies
Slide 17: Key messages for today
Key messages for today NX Filtration has unique and strongly protected technology (exemplified with our gross margin of 61%) that addresses the market challenges of today in an effective and sustainable manner, and is 1 proven across municipal and industrial applications and regions with returning c
Slide 18: Markets and applications
1 Introduction 2 Markets and applications 3 Commercial strategy 4 Financials and outlook 18
Slide 19: Operating in the water value chain with a focus on drinking water
We are operating in the water value chain with a focus on drinking water production, industrial process water, and wastewater treatment Transport, Wastewater Wastewater Production storage and Consumption collection treatment distribution Ground Residential Basic treatment water Septic tanks Public s
Slide 20: A €0.9 trillion global water market
This is a €0.9 trillion global water market, with Asia and North America being the largest regions Global water market in 2023 Rest of World Industrial 14% 25% Municipal Asia Capex 35% 39% water 37% Total: Total: Europe / 24% Total: €0.9 trillion €0.9 trillion Central Asia €0.9 trillion 63% Opex 36%
Slide 21: Global trends are driving a true water transition
Global trends are driving a true water transition, where innovative and efficient technologies will play a pivotal role New water sources and reuse Water circularity Net zero carbon Alternative sources in response to Closing the loop with Reducing the use of chemicals and depletion of ground water r
Slide 22: HFNF uniquely addresses these water transition trends
With our HFNF technology we uniquely address these water transition trends… Effectively removing micro- ✓ ✓ Low Opex, resulting in lower TCO pollutants (pharmaceuticals, than conventional technologies medicines, PFAS) and more >70% energy savings PFAS free chemistry, addressing ✓ compared to traditi
Slide 23: Tapping into a >$13bn addressable market by 2030
…and are tapping into a >$13bn addressable market by 2030 Addressable market for HFNF ($bn) Comments 13.3 o With our HFNF product we are tapping into a large addressable market that is expected to grow to >$13bn by 2030 o This market is currently predominantly served by a combination of traditional
Slide 24: Established global installed base of HFNF projects
We have already established a global installed base of HFNF projects, … Various smaller decentral drinking Various municipal and water projects in industrial projects in Canada India Recent order for first full-scale project from Europe-based top-3 global OEM Largest HFNF project Various municipal t
Slide 25: Speed of HFNF market adoption varies between markets and regions
…but speed of market adoption of our HFNF product varies considerably between markets and regions Industrial Municipal HFNF offered and used in emerging markets HFNF already established with by select number of mostly global OEMs sizable projects and multiple repeat orders Asia, LatAm and o Market n
Slide 26: Case study: Sapal in Mexico
The combination of a sweet spot application and region is clearly exemplified by a recent project for Sapal in Mexico – Case study Urgent market need Customer experienced with HFNF technology Extreme severe drought OEM Ecoazur and end- customer SAPAL (Sistema No surface water available de Agua Potab
Slide 27: Key competition comes from traditional filtration technologies
Key competition for our HFNF product is coming from traditional filtration technologies Key competition Traditional membrane filtration technologies Conventional non-membrane filtration Other HFNF providers o Key competition for HFNF comes from o Conventional water treatment o To our knowledge, no o
Slide 28: NX Filtration provides a much simpler alternative
Compared to these technologies NX Filtration provides a much simpler alternative Spiral wound Traditional UF NF or Sand Re- treatment Coagulation Clarification membrane reverse filtration mineralization process filtration osmosis filtration = Simple If required, Hollow fiber pre-treatment simple Hol
Slide 29: TCO and footprint comparison
Advantages of a treatment process based on HFNF compared to traditional technologies are clearly visible in a TCO and footprint comparison TCO (€/m3) HFNF vs. traditional treatment processes1) CO2 footprint (ton/y) HFNF vs. traditional treatment processes1) 0.74 ~1,900 0.71 0.58 ~1,500 ~1,300 0.41 ~
Slide 30: Verified by external parties – Example Jacobs USA
These advantages have been proven in practice and verified by external parties – Example Jacobs USA NPV of various treatment options North America (USD million) Surface water to drinking water 322 In Melbourne, Florida, Jacobs 275 Engineering used a full-scale demo unit 252 to test NX Filtration’s H
Slide 31: Verified by external parties – Example NanoX program
These advantages have been proven in practice and verified by external parties – Example NanoX program TCO of various treatment options Europe (USD/m3) High quality wastewater reuse 0.75 NanoX is an innovative water treatment 0.66 0.64 solution based on HFNF and Advanced Oxidation Processes (AOP) th
Slide 32: Verified by external parties – Example Dumai Indonesia
These advantages have been proven in practice and verified by external parties – Example Dumai Indonesia Asia Existing plant HFNF expansion Surface water to drinking water Conventional Key technology coagulation and HFNF In 2020, NX Filtration delivered its HFNF sand filtration membrane modules for
Slide 33: UF and MF markets provide short-term opportunities
In addition to HFNF, the markets for our UF and MF products provide significant short-term opportunities Market for UF1) ($bn) Food and Drivers for growth relate to (drinking) water projects to address water beverage shortages, and increasing need for more advanced water treatment 3.6 15% Drinking w
Slide 34: UF membranes boosting KWS drinking water plant capacity
With our UF membranes we already engage in large projects: boosting capacity of KWS drinking water plant to 65m liters per day – Case study Characteristics of NX Filtration’s UF membranes Kindasa’s need Enhanced filtration efficiency, including unique ✓ extra-dense UF membrane for e.g., silica remov
Slide 35: MF membranes at Carlsberg's Fredericia brewery
Our unique MF membranes clearly improved performance and sustainability of Carlsberg’s Fredericia brewery in Denmark – Case study Characteristics of NX Filtration’s MF membranes Carlsberg’s need 10-20% capacity increase compared to traditional ✓ products Carlsberg’s Fredericia brewery in Denmark, on
Slide 36: Summary of key messages on our markets and applications
Summary of key messages on our markets and applications NX Filtration has a unique technology that serves a large water market (addressable membrane market 1 for HFNF growing to >€13bn in 2030) that will undergo an enormous transition in the years to come based on evolving themes that play into the
Slide 37: Commercial strategy
1 Introduction 2 Markets and applications 3 Commercial strategy 4 Financials and outlook 37
Slide 38: A solid commercial organization with global reach
We have built a solid commercial organization with global reach o Sales teams organized around 5 clusters: EMEA, Americas, India, China and Rest of Asia o Within each country we have sales presence, we aim to have support of local application engineering to support in technical discussions and pilot
Slide 39: Our key sales channel is the OEM
Our key sales channel is the OEM, but we also engage with end-customers and engineering consultants o Our key commercial contact is with our OEM customers, who deliver water treatment systems to end-customers OEMs o OEMs are NX Filtration’s customers, buying our membrane modules and integrating them
Slide 40: Establishing a solid base of OEMs
Our objective is to establish a solid base of OEMs with global, regional and specialist players Objective for different types of key OEM partners Selected examples Global >10 leaders Increasing revenue potential Shorter sales cycles Regional >30 champions (Local) specialists >100 Municipal Industria
Slide 41: HFNF roll-out model: channeling OEMs through 6 stages
Our HFNF roll-out model is based on channeling OEMs through 6 stages, targeting a large installed base with recurring revenues – see next slides Technology selection First project realization Installed base Technology Solution Project Full-scale First operational Repeat projects & acceptance demonst
Slide 42: 1. Technology acceptance
1. Technology acceptance Technology selection First project realization Installed base Technology Solution Project Full-scale First operational Repeat projects & acceptance demonstration development realization reference replacements Qualification Technology selected Order received Commissioned Scal
Slide 43: 2. Solution demonstration
2. Solution demonstration Technology selection First project realization Installed base Technology Solution Project Full-scale First operational Repeat projects & acceptance demonstration development realization reference replacements Qualification Technology selected Order received Commissioned Sca
Slide 44: 3. Project development
3. Project development Technology selection First project realization Installed base Technology Solution Project Full-scale First operational Repeat projects & acceptance demonstration development realization reference replacements Qualification Technology selected Order received Commissioned Scale-
Slide 45: 4. Full-scale realization
4. Full-scale realization Technology selection First project realization Installed base Technology Solution Project Full-scale First operational Repeat projects & acceptance demonstration development realization reference replacements Qualification Technology selected Order received Commissioned Sca
Slide 46: 5. First operational reference
5. First operational reference Technology selection First project realization Installed base Technology Solution Project Full-scale First operational Repeat projects & acceptance demonstration development realization reference replacements Qualification Technology selected Order received Commissione
Slide 47: 6. Repeat projects & replacements
6. Repeat projects & replacements Technology selection First project realization Installed base Technology Solution Project Full-scale First operational Repeat projects & acceptance demonstration development realization reference replacements Qualification Technology selected Order received Commissi
Slide 48: Significant progress channeling OEMs through the funnel
Significant progress has been made in channeling OEMs through this funnel Technology selection First project realization Installed base Technology Solution Project Full-scale First operational Repeat projects & acceptance demonstration development realization reference replacements Number of OEMs Nu
Slide 49: Growth based on OEMs in the funnel – aligned KPI reporting
Growth of NX Filtration in the years to come is primarily based on the OEMs in this funnel – we are aligning our KPI reporting on these metrics Number of HFNF OEMs per stage in the funnel (per end of year) o Over the past years, we have geared most of our commercial 160 efforts to developing our pip
Slide 50: Illustrative revenue evolution based on OEM conversion model
Partnering with OEMs is a thorough process; but after a first full-scale project it provides a catalyst for accelerated revenue growth Illustrative revenue evolution based on OEM conversion model towards repeat projects and module replacements Module replacements Further accumulating Accumulating re
Slide 51: Case study: Indonesian BSBK scaling up through repeat projects
Case study: Indonesian BSBK first engaged with NX Filtration in 2019, and since then gradually scaled-up through increasingly large repeat projects 2021 2022 4 m3/h project at 50 m3/h project in Jakarta hospital Meranti for drinking water production 2020 2023 First full-scale order: 360 m3/h lake wa
Slide 52: Summary: channeling OEMs through all phases
In summary, for HFNF it takes a thorough process to channel OEMs through all phases, but our pipeline is well-filed and strongly developing Hollow fiber nanofiltration (HFNF) Technology Solution Project Full-scale First operational Repeat projects & acceptance demonstration development realization r
Slide 53: Strong UF portfolio benefits from shorter cycles
Our strong UF portfolio benefits from shorter cycles than HFNF, as we primarily tap into existing replacement markets Ultrafiltration (UF) Technology Solution Project Full-scale First operational Repeat projects & acceptance demonstration development realization reference replacements o With our ran
Slide 54: MF portfolio taps into replacements in existing markets
Our MF portfolio also taps into replacements in existing markets, although we also work with OEMs to include our membranes in greenfield solutions Microfiltration (MF) Technology Solution Project Full-scale First operational Repeat projects & acceptance demonstration development realization referenc
Slide 55: Strengthened suite of HFNF, UF and MF products
We further strengthened our suite of HFNF, UF and MF products, making us a full spectrum water filtration technology partner for our customers HFNF UF MF Expanded UF retrofit Improved HFNF Additional module portfolio of unique Recent product performance to significantly configurations that enable me
Slide 56: Leveraging experience to be more effective commercially
We are also increasingly leveraging all our experience and lessons learned from the past years to be increasingly effective in our commercial activities Product rebalance Regional focus In addition to continuous focus on HFNF, we place additional Although water is a true global market, we do see reg
Slide 57: Evolving revenue profile over time
Based on our focus today, and appreciating different realization timelines, we expect an evolving revenue profile over time Short term revenue profile Longer term revenue profile All products of key importance HFNF as core growth engine Products UF and MF also important revenue contributors, Predomi
Slide 58: Summary of key messages on our commercial strategy
Summary of key messages on our commercial strategy We continue our commercial strategy targeting OEMs with our global sales and engineering teams, 1 as well as creating support for our technology with end-customers and engineering consultants We are further finetuning our commercial approach towards
Slide 59: Financials and outlook
1 Introduction 2 Markets and applications 3 Commercial strategy 4 Financials and outlook 59
Slide 60: In 2024 we grew our business with 38%, retaining strong margins
In 2024 we grew our business with 38%, whilst retaining strong margins o Total 2024 revenues1 of €11.1 million, a growth of 38% from 2023 o Largest order to date for the world’s largest hollow fiber nanofiltration water treatment plant in Mexico Financials with a capacity of 17 million liters per da
Slide 61: In 2025 we expect revenue growth of 50-70%
In 2025 we expect revenue growth of 50-70%, and to progress further on our strategic agenda Commercial focus Cost consciousness 2025 outlook Full focus on further developing OEM relationships Realizing progress on our and converting project Realizing revenue journey towards break- opportunities in o
Slide 62: Building blocks in place to deliver on our growth ambition
We have all the building blocks in place to deliver on our growth ambition Building blocks in place Growth ambitions with strong economics Leverage current Strong organization in Proven and protected Clear outlook on indirect organization place, including a technology, strong growth (>50% to capture
Slide 63: Revised medium-term objectives; long-term objectives unchanged
In that context we have revised our medium objectives; long-term objectives remain unchanged Updated medium-term objectives Unchanged long-term objectives Achieve >10% share of the addressable market, Continue to grow revenues with requiring further expansion of on average >50% per year production c
Slide 64: Closing remarks
Closing remarks NX Filtration has unique and strongly protected technology (exemplified with our gross margin of 61%) that addresses the market challenges of today in an effective and sustainable manner, and is 1 proven across municipal and industrial applications and regions with returning customer
Slide 65: Disclaimer
Disclaimer IMPORTANT: The information set out herein, and presented during the Capital Markets Day (the Information) does not constitute or form part of, and should not be construed as an offer or the solicitation of an offer to subscribe for or purchase securities of NX Filtration. The Information
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